Risk Toleransı ve Para Yönetimi'ne Farklı Bir Yaklaşım: Dolaşan Zihnin Bireysel Finansman Üzerindeki Etkisi

Elma, Orhan Emre; Baydaş, Mahmut · 2020 · OpenAlex-citations

DOI: 10.19168/jyasar.679380

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Summary

This study investigates the impact of mind wandering on risk tolerance and money management behaviors within the context of behavioral finance. While previous research has established that mind wandering impairs performance in tasks requiring focus, such as driving and reading, its role in financial decision-making remains underexplored. The authors address this gap by examining how this cognitive state, characterized by thoughts drifting to the past or future, influences investors' risk appetites and financial habits. The study aims to determine if mind wandering contributes to behavioral inconsistencies, such as investors misclassifying their risk aversion, and to quantify its predictive power on financial behaviors. The research employed a quantitative design involving 226 university students in Turkey specializing in financial management and investment planning, who were treated as future investors. Data were collected using a 34-item questionnaire comprising three validated scales: the Asherson scale for mind wandering, the Güvenç scale for money management behaviors, and a modified Grable and Lytton scale for risk tolerance. The authors utilized Structural Equation Modeling (SEM) to analyze the relationships between these variables. Additionally, MANOVA tests were conducted to assess the effects of demographic factors, specifically gender and parents’ education levels, on the study variables. The sample consisted of 41.6% men and 58.4% women, with most participants’ parents having primary school education. The results indicate that mind wandering has a significant negative effect on both risk tolerance and money management behaviors. Specifically, higher levels of mind wandering predicted lower risk tolerance (β = -.55, p < .001) and poorer money management behaviors (β = -.15, p < .05). Mind wandering explained 31% of the variance in risk tolerance and 2% of the variance in money management behavior. The SEM model demonstrated a good fit with the data. Regarding demographic influences, the study found significant gender differences in risk tolerance, with men exhibiting higher risk tolerance than women, but no significant gender differences in mind wandering or money management. Furthermore, parents’ education levels did not have a statistically significant effect on any of the study variables. The findings suggest that individuals with high mind wandering activity perceive themselves as being in hazardous situations, leading to increased risk aversion and ineffective financial management, often characterized by impulsive spending to boost mood rather than strategic planning. The significance of this study lies in its contribution to the emerging field of behavioral finance by linking cognitive psychology with financial decision-making. It highlights that mind wandering is a critical factor in the formation of investor behavior, potentially explaining discrepancies between self-reported risk profiles and actual market actions. The findings imply that reducing mind wandering through mindfulness practices could improve financial health and investment efficiency. The authors conclude that understanding these cognitive mechanisms is essential for developing better investor training programs and financial disclosure rules, ultimately leading to more rational and effective market choices.

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• mind wandering